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Mega-Cap ETF (MGC) Hits a New 52-Week High
For investors looking for momentum, Vanguard Mega Cap ETF (MGC - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up 38.5% from its 52-week low of $114.36/share.
Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:
MGC in Focus
The fund seeks to track the performance of the CRSP US Mega Cap Index. It has AUM of $4.16 billion and charges 7 basis points in annual fees.
Why the Move?
Market participants are upbeat about the encouraging jobs report for July, impressive second-quarter 2021 earnings results and the rebounding U.S. economy from the coronavirus led-slump. Moreover, the Fed’s continued support with easy monetary policies and fiscal stimulus support are strengthening hopes of rapid economic recovery. This is making funds like MGC an attractive investment option.
More Gains Ahead?
The fund has a Zacks ETF Rank #2 (Buy). It seems like MGC will remain strong, with a positive weighted alpha of 33.01, which gives cues of further rally.